GDP growth forecast at 7.05% in 2019Thursday, October 17,2019
AsemconnectVietnam - Viet Nam’s GDP growth rate was forecast to touch 7.26% in Q4 and 7.05% in 2019, said Director Nguyen Duc Thanh from the Viet Nam Center for Economics and Policy Research (VEPR) under Hanoi National University.
The VEPR convened a seminar on Q4 macro-economic report on October 10 in Ha Noi.
High economic growth rate, stable financial market
Viet Nam’s GDP growth rate hit 7.31% in Q3 and 6.98% in the first nine months of 2019.
In Q3 only, 35,316 enterprises were established with a total registered capital of VND 430 trillion, up 37% in value. The number of temporally suspended enterprises was on the decline. Laborers shifted from the State sector to other sectors.
Meanwhile, total retail sales of goods and services valued VND 3,634 trillion, up 11.6%.
Total social investment was VND 55.4 trillion, representing a year-on-year growth of 9.8%.
Newly-registered FDI inflows were on the decline. In Q3, trade surplus was estimated at US$ 4.3 billion of which the domestic sector suffered from a trade surplus of US$ 4.9 billion and FDI sector enjoyed a trade surplus of US$ 9.16 billion.
Positive high economic growth
Director Thanh said that the world economy witnessed recession in Q3. Meanwhile, Viet Nam’s economic growth rate was 7.31%.
Big economies cut lending interest rates to enable growth. In Viet Nam, interbank interest rates dropped sharply.
He proposed Viet Nam focus on reforming fiscal and monetary policies and exchange rates in order to respond to the instability in the world economy.
The Director also gave a positive outlook on the national economy. GDP growth rate was forecast at 7.26% in Q4 and 7.05% in 2019.
Mr. Thanh also predicted that inflation rate would touch 2.45% in Q4.
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